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AUD/USD struggles at 0.7200 ahead of the RBA’s monetary policy meeting
The Australian dollar slides below 0.7200, erasing earlier gains after reaching a daily high at 0.7231, despite an upbeat market mood ahead of the Reserve Bank of Australia (RBA) rate decision. At the time of writing, the AUD/USD is trading at 0.7197 A risk-on mood surrounds the financial markets. Global equities are registering gains, a consequence of China’s easing Covid-19 restrictions, and Caixin PMIs Services and Composite, which showed the world’s second-largest economy, appears to be founding a bottom despite slowing down. Meanwhile, the US Dollar Index, a measurement of the greenback’s value, erases ... (full story)